On Thursday morning, the commodity was testing the resistance of the July high levels at 1,743.85/1,752.50. Economic Calendar Analysis
Note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
XAU/USD short-term forecast
A move above the resistance zone might pause at 1,765.00, 1,772.50 and the 1,785.00 levels. These levels impacted the pair during early July.
Meanwhile, a decline of the commodity price might look for support in the 1,715.00 level, before approaching the 1,700.00 mark's support zone.
XAU/USD daily charts review
On the daily candle chart, the commodity price appears to be mostly ignoring historical high and low level zones.Daily Candle Chart
Traders are mostly long on gold
On Thursday, the sentiment on the Swiss Foreign Exchange was 70% bullish. Namely, 70% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 53% to buy the precious metal.
On Wednesday, open positions were 71% long and pending orders were 74% to buy.